Should You Work With a Letting Agent as a Landlord?
Are you wondering whether you should work with a letting agent as a landlord? Depending on your situation, working with a letting agent can be a great way to save time, money and stress. If you’re wondering what a letting agent does and whether you should work with one, here’s everything you need to know to help you decide.
What Do Letting Agents Do?
Letting agents can do different things for you depending on the package you pay for. You can give an agent a portion of the property management responsibilities – or the entire thing!
Typically, letting agents can:
- Find tenants for you: A letting agent can market your property and find the right tenant for you.
- Arrange the let: From collecting references and running credit checks to securing deposits and drawing up tenancy agreements, a letting agent can arrange everything to get the tenancy in place.
- Collect rent: A letting agent can collect rent from your tenants each month and chase up any late payments according to the lease.
- Manage queries: A letting agent can answer tenant queries, handle issues and deal with any maintenance or repair work that needs to be scheduled.
Why Should You Manage a Property Yourself?
The decision to manage a property yourself should be carefully considered. It can be time-consuming, and you’ll need to be up to speed on all the latest legal developments to ensure you’re renting in line with the law.
There are benefits to managing a property by yourself – but only if you like being a ‘hands-on’ landlord.
- Managing a property yourself can be ideal if:
- You want to minimise costs
- You have lots of time to deal with queries/issues
- You have connections with good tradespeople
- You’re up to speed on the latest legislation
- You live nearby
- You enjoy the management side of being a landlord!
What Are the Benefits of Working With a Letting Agent?
Managing a rental alone isn’t for everyone. Plus, if you have more than one property to let, being a landlord can quickly become a full-time job.
Here are four of the top benefits of working with a letting agent instead of managing things yourself.
- Saves Time: Working with a letting agent undoubtedly saves you time. Since they deal with tenant queries, rent collections, administrative tasks, and everything else in between, you’ll no doubt have more time on your hands if you work with a letting agent.
- Let’s You Be a Hands-Off Landlord: If marketing your property, dealing with tenant calls and having to visit the property when issues arise isn’t the life for you, working with a letting agent lets you be a hands-off landlord. This is ideal if you live far away from your rental property.
- Keeps Things Legal: One of the biggest reasons to work with a letting agent is that they can keep your property in line with the law. It’s a letting agent’s job to stay in the loop about the latest developments in legislation, so you don’t have to. If you’re a new landlord or you don’t have time to spend learning what’s right and wrong, a letting agent can help you keep things legal.
- Maintains Professional Connections: Sometimes, things go wrong. Whether it’s the boiler breaking or a leak in the kitchen sink, your tenants will need a tradesperson at some point. Letting agents will maintain professional connections with plumbers, electricians and other tradespeople that may be needed in an emergency, so you don’t have to worry about finding someone right for the job.
If working with a letting agent sounds like the right choice for you, we’ve got you covered! Here at Perry Bishop, we provide expert letting agent services in the Cotswolds and the Vale of the White Horse, so you can be as hands-on or hands-off as you like.
Contact us today to learn more about our services for landlords.
Frequently Asked Questions About Letting Agents and Private Landlords
I want to rent out a property but don't know the legalities. Can a letting agent help? Absolutely! Letting agents stay up-to-date on landlord & tenant laws. They can ensure your tenancy agreement complies with regulations, protecting you and your tenants.
What letting agent services are available? Letting agents offer various services, from finding tenants to full property management. Choose a letting agent service that suits your needs - perhaps tenant find only, or a full management service handling rent collection, repairs & tenant queries.
Can I save money by managing a rental property myself? Yes, managing a property yourself can save on letting agent fees. However, consider the time commitment. Letting agents handle tasks like rent collection & repairs, freeing up your time.
Is a letting agent necessary if I only have one property? Not necessarily! Some private landlords manage a single property successfully. However, if you don't have time or live far away, a letting agent can offer peace of mind, managing monthly rent collection & tenant issues.
Get in touch today to discover how our expert services can support you as a landlord.